If Singapore wasn’t surrounded by M’sia or Indo, PAP wouldn’t give a fuck about Malays, just like it doesn’t give a fuck about Eurasians. PAP has already from the beginning officially 3-leg the Malays e.g. “special position” as enshrined in constitution, national language, free education from pri to JC, and unofficially given larger proportion of Malays easier/less risky postings to SCDF, SPF or even specific vocations in SAF. And because Islam has become intertwined with Malays, hence that religion has also been given special privileges not accorded to other religions e.g. continued allowance to bury their dead at affordable cost even to the poorest Malays, “perpetuity” of mosque sites — once given govt cannot take back for redevelopment unless replaced with another nearby land parcel.
BTW plenty of Malay-owned companies/organisations practice discrimination too, employing only or mainly malays. Birds of the same feather tend to flock together.